Italy's Prysmian Digs Deep to Buy General Cable in $3 Billion Deal
"Italian cable maker Prysmian has agreed to pay a hefty premium to buy U.S. rival General Cable in a $3 billion deal struck despite competing bids from Chinese and European groups," according to Reuters (Dec. 4, Landini, Flak). Prysmian, which makes cables for the energy and telecommunications sectors, states that the acquisition of the Kentucky-based group would increase its exposure to North America where it currently generates 15 percent of its sales. "Four groups were vying for the acquisition, including the Chinese. . . . It was not an easy weekend, but a successful one," Prysmian CEO Valerio Battista told analysts on a conference call. The Italian firm is paying $30 for each General Cable share in an all-cash deal.
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